Analysts on Wall Street project that Devon Energy (DVN) will announce quarterly earnings of $1.24 per share in its forthcoming report, representing an increase of 19.2% year over year. Revenues are projected to reach $7.33 billion, increasing 69.2% from the same quarter last year.
The consensus EPS estimate for the quarter has been revised 8.6% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company’s earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts’ projections for specific key metrics can offer valuable insights.
That said, let’s delve into the average estimates of some Devon Energy metrics that Wall Street analysts commonly model and monitor.
The average prediction of analysts places ‘Revenues- NGL’ at $723.57 million. The estimate points to a change of +103.3% from the year-ago quarter.
Analysts predict that the ‘Revenues- Marketing and midstream revenues’ will reach $2.28 billion. The estimate suggests a change of +57.8% year over year.
Based on the collective assessment of analysts, ‘Revenues- Oil, gas and NGL sales’ should arrive at $5.48 billion. The estimate points to a change of +95.2% from the year-ago quarter.
Analysts expect ‘Revenues- Gas’ to come in at $638.13 million. The estimate points to a change of +243.1% from the year-ago quarter.
The consensus estimate for ‘Production – Natural gas liquids – Total’ stands at 373.02 thousands of barrels of oil per day. Compared to the current estimate, the company reported 228.00 thousands of barrels of oil per day in the same quarter of the previous year.
The consensus among analysts is that ‘Production – Oil – Total’ will reach 557.24 thousands of barrels of oil per day. Compared to the present estimate, the company reported 390.00 thousands of barrels of oil per day in the same quarter last year.
It is projected by analysts that the ‘Production – Gas – Total’ will reach . The estimate is in contrast to the year-ago figure of .
The collective assessment of analysts points to an estimated ‘Production – Total oil equivalent per day’ of 1,682.14 thousands of barrels of oil equivalent. The estimate is in contrast to the year-ago figure of 853.00 thousands of barrels of oil equivalent.
The combined assessment of analysts suggests that ‘Realized Prices – Oil (Realized price without hedges)’ will likely reach $81.09 . Compared to the present estimate, the company reported $63.21 in the same quarter last year.
Analysts’ assessment points toward ‘Realized Prices – Natural gas liquids (Realized price without hedges)’ reaching $22.55 . Compared to the current estimate, the company reported $17.01 in the same quarter of the previous year.
According to the collective judgment of analysts, ‘Realized Prices – Natural gas liquids (Realized price, including cash settlements)’ should come in at $21.78 . The estimate is in contrast to the year-ago figure of $17.18 .
Analysts forecast ‘Realized Prices – Oil (Realized price, including cash settlements)’ to reach $76.93 . The estimate is in contrast to the year-ago figure of $63.99 .
View all Key Company Metrics for Devon Energy here>>>
Shares of Devon Energy have demonstrated returns of +1.4% over the past month compared to the Zacks S&P 500 composite’s -2.3% change. With a Zacks Rank #2 (Buy), DVN is expected to beat the overall market performance in the near future. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>> .
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This article originally published on Zacks Investment Research (zacks.com).
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
